How to become successful in your Business

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How to become successful in your Business. No matter where you live, in America, China or Japan, 40% of the businesses fail within first year, 80% of the businesses fail within first 5 years and less than 1% of businesses become multimillion dollar businesses. So the question is “What is the difference between business that become multi-million dollar business and the business that fail within first 5 years?”

Some people would say that “The difference is in education, the people who succeed in business went to best universities.” Other people would say “The Difference is in Luck. Some lucky people become successful.” Some people would say that people who become successful are more intelligent than other people who fail in business.

But according to a study, the most important thing you need to become successful in business is the positive mind set. People who become successful have positive mind set, they take actions every day, they are motivated to achieve more, they set some big goals and work hard to achieve them. They do not give up despite many failures.

Although education is important but I know people who have got higher education from best business schools but they failed in business and many other people who did not even graduate, are running their business successfully. And about luck, I can say the harder you work the luckier you will become.

Skill set are also important to become successful in the business. You should have skills like finance, marketing, hiring good people and retaining them. If you have positive mind set, you can acquire all the required skills to run the business successfully, but if you have skills but do not have positive mind set, the chances are you will fail in business.

When people start a business they want to get the positive results. Mostly people start business to earn more money so money = positive results. In the business world different people get different results, because different people take different actions. Two people in the same situation will take different actions and they will get different results according to their actions.

People with positive mind set take good, positive actions that’s why they get positive results. Here is a short story when the financial crisis of 2008 hit the business world, many business started laying off their employees, they cut their marketing costs, they reduced their production. But some other companies looked at the financial crisis as a big opportunity. They started spending more money on marketing to acquire more market share. They hired skillful employees at lower wages when other companies laid off these employees. They increased their productions and they invested money in internet marketing. Thus these businesses are able to grow despite financial crisis. The difference is in the mind set.

Here is another story in which a company was loosing its market share due to high competition and financial crisis. The marketing president of the company could not find any way to sell more products so he decided to sell the products (shoes) in new market. He did a little research and found out that in Africa there are some underdeveloped areas where they can sell these shoes at better prices. So he decided to send two of his best sales officer to Africa. He told them that you go there and look if there is any opportunity to sell these kind of shoes there.

The first sales person arrived in Africa, he went to some rural areas. He looked around and called his boss, he said “Boss, I have looked around here in Africa, they do not wear shoes. There is no opportunity to sell shoes here.” The boss said you come back. The boss wanted to get another opinion so he sent his second sales person to Africa.

The second sales person went in the rural areas of Africa, he looked around and got shocked. He called his boss, he said, “Boss, I have looked around here in Africa, people do not wear shoes here, I think it is the fantastic opportunity because we can show them how comfortable it is to wear shoes. If we will be able to show them the benefits of our shoes, they all would like to buy our shoes.”

The situation was the same, but one person saw the opportunity, the other person saw no opportunity. The difference is in the mind set.
Image Credit Victor1558

Lakhvir

Lakhvir is a personal finance expert. Once he was deeply in debt, he read everything he could about personal finance to get out of debt and to invest his money wisely. He likes to read books and share with others what he learns from these best-selling books.

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